BEIJING: China’s foreign trade will maintain its steady growth for the remainder of the year, supported by the strong performance from January to September, government officials and exporters said on Monday.
Aside from upgrading their products, broadening sales channels in emerging markets and building factories in countries and regions involved in the Belt and Road Initiative, Chinese companies are increasingly leveraging technologies and new foreign trade formats — including big data and cross-border e-commerce — to form new competitive advantages, they said.
Despite the current slowdown in global economic growth and the rise of protectionism and unilateralism, China’s foreign trade grew 5.3 percent year-on-year to 32.33 trillion yuan ($4.57 trillion) in the first three quarters, with its exports increasing 6.2 percent on a yearly basis, statistics from the General Administration of Customs show.
The country’s foreign trade hit a record high in the first three quarters, with each quarter exceeding 10 trillion yuan. Its trade value with over 160 countries and regions continued to grow during this period, said Wang Lingjun, vice-minister of the administration.
Speaking at a news conference in Beijing, Wang said that with the continued efforts of both existing and new policies, positive factors supporting foreign trade growth are accumulating, providing a solid foundation and support for the stable growth of exports and imports in the fourth quarter.
Lyu Daliang, director of the administration’s department of statistics and analysis, said that China’s global market share has notably increased across a variety of products — from household appliances to vessels — demonstrating the sustained resilience of its exports.
Luo Junjie, executive vice-president of the Beijing-based China Machinery Industry Federation, said that Chinese companies had previously relied heavily on customer demand to drive production, making them relatively passive in market competition.
Now, with accumulated capital and technology, they are eager to showcase their innovation and technological strengths, using digital and green concepts to shape the market’s future direction, Luo said. “This shift has enabled them, especially those from tech-intensive green product and intermediate goods sectors, to take a proactive stance in overseas markets,” he added. Jiangsu You’ao Intelligent Technology Co, a household appliance manufacturer based in Changzhou, Jiangsu province, has been heading in that direction. It recently sent several shipments of smart air conditioners to foreign markets.
Highlighting that these air conditioners feature WiFi connectivity, Xu Chuangang, the company’s vice-president, said that appliance installations usually incur high installation fees in overseas markets, but the company’s plug-and-play integrated air conditioners offer advantages in both cost-effectiveness and convenience.
The company saw its export value soar 24 percent year-on-year to 810 million yuan in the first eight months, customs data shows.
China’s exports of electromechanical products rose 8 percent year-on-year to 11.03 trillion yuan, accounting for 59.3 percent of the country’s total exports, according to GAC data.
“Overall, the strong performance of China’s exports during the January-September period benefits the country’s economic growth for the whole year,” said Su Qingyi, a senior researcher at the Chinese Academy of Social Sciences’ institute of world economics and politics. –The Daily Mail-China Daily news exchange item
